Foran Mining (CVE:FOM) Share Price Passes Below 50-Day Moving Average – What’s Next?

Foran Mining Co. (CVE:FOM) shares passed below its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of C$3.23 and traded as low as C$3.09. Foran Mining shares last traded at C$3.23, with a volume of 1,032,727 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on FOM shares. Stifel Nicolaus lowered Foran Mining from a “buy” rating to a “hold” rating and increased their target price for the company from C$5.50 to C$6.60 in a research report on Wednesday, February 11th. ATB Cormark Capital Markets downgraded shares of Foran Mining from an “outperform” rating to a “tender” rating and increased their price objective for the company from C$5.00 to C$6.60 in a report on Tuesday, February 3rd. National Bank Financial lifted their target price on shares of Foran Mining from C$5.25 to C$8.50 in a research report on Thursday, January 29th. Ventum Financial boosted their target price on shares of Foran Mining from C$5.25 to C$5.50 in a research note on Tuesday, December 16th. Finally, Scotiabank raised their price target on shares of Foran Mining from C$4.50 to C$6.00 in a research note on Thursday, January 8th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Foran Mining currently has an average rating of “Moderate Buy” and an average price target of C$5.89.

Foran Mining Price Performance

The stock’s fifty day moving average price is C$3.23 and its 200-day moving average price is C$3.23. The firm has a market cap of C$1.72 billion, a PE ratio of -247.76 and a beta of 3.68. The company has a debt-to-equity ratio of 6.98, a current ratio of 6.03 and a quick ratio of 2.90.

Foran Mining Company Profile

Foran Mining Corporation engages in the acquisition, exploration, and development of mineral properties. The company primarily explores for copper, zinc, gold, and silver deposits. Its flagship project is the McIlvenna Bay property comprising 38 claims that covers a total area of 20,907 hectares located in east central Saskatchewan. The company was incorporated in 1989 and is headquartered in Vancouver, Canada.